Question about FHA and owning a current home

[vtguy25]

I am wondering if you can get a FHA mortgage if you already own a home.  I will own the property out right and would be renting it or having family member live there and I want to purchase a multi family home for rental income.  I understand that you do have to live in the home that you have a FHA loan on which is fine I could live in one of the apartments for awhile but would eventually turn into just a rental property as I want to build where my existing property is.  The current property I own outright is just an older remodeled mobile home and about an acre of land.  So wondering what the guidelines are for owning a property and buying another one.  Any insight on this would be great this won't be happening for at least a year. 

[StartingOver10]

No issue at all.

The issue comes up when someone has an existing home that is already financed by FHA and they want to buy another one in the area also financed by FHA. That isn't your circumstance.

[vtguy25]

Great to know.  You can't use FHA to buy a rental property correct? Like I couldn't purchase a milti family home and live in my current home..  I have done some reading on this and my understanding is you can't but haven't talked to any professionals about this.

[StartingOver10]

No, you can't buy an investment property with FHA.

But you can buy a multi- unit building (up to 4 units) FHA and live in one of the units.

[vtguy25]

That is what I thought.  This is going to be my goal for within the next two years.